The sudden surge in the demand for IoT sensors is attributable to the burgeoning automotive industry and the proliferating industrial Internet of Things market. The IoT sensors market is also being driven by the rising demand for consumer electronics and the skyrocketing penetration of smart devices. As smart devices hold a major share in the global consumer electronics market, the demand for the devices is augmenting the global IoT sensors market as well.
Smart Cities Create Conducive Ground for Growth of IoT Sensors Market
Besides smartphones, analysts predict that the demand for smart gas, electricity, and water meters is also likely to grow in the coming few years. As a result, the global Internet of Things market will record soaring profits in the next few years.
The strict regulatory framework and modernization that are focused on designing smart cities are also creating a conducive atmosphere for growth of the global IoT sensors market. These sensors will be largely used in smart grids, smart meters, intelligent traffic management systems, and smart parking. Adoption of IoT sensors in the medical industry to offer better patient care, reduce costs, and increase efficiency is also leading to a positive impact on the global Internet of Things market. Widespread application of IoT sensors in several parts of the healthcare industry is expected to boost this market in the coming years.
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The global IoT sensors market has been segmented on the basis of type, end-use industry, and geography. The types of IoT sensors in this market are gyroscopes, accelerometers, magnetrometers, temperature sensors, pressure sensors, light sensors, and others. The end-use industries of these IoT sensors are the healthcare industry, the consumer electronics industry, the automotive industry, the industrial sector, the building automation industry, the retail industry, and others. Geographically, this market is segmented into North America, Asia Pacific, Europe, and Rest of the World.
Manufacturing Sector in Asia Pacific Offers Several Opportunities to IoT Sensors Market
In terms of regions, North America and Europe held a collective 60% share in the global Internet of Things market in 2014. However, in the coming years, Asia Pacific is expected to grow at the fastest pace due to the accelerated growth of the manufacturing sector. Additionally, Rest of the World is also expected to witness steady growth of the market due to rampant penetration of smart devices and a huge demand for healthcare equipment.
Some of the key players in the global IoT sensors market are Infineon Technologies, STMicroelectronics N.V., IBM, Robert Bosch GmbH, Honeywell International Inc., Ericsson, InvenSense Inc., Libelium, ARM Holdings Plc., and Digi International Inc., among others.